Percy has $50 in a savings account the interest rate is 10% per year is not compound how much will he have in one year

Question

asked May 28, 2022 60.5k views

1 Answer

Haohaolee · Answer 1 · 2022-06-03T21:38:10+0000

Answer:

$55

Explanation:

Given data

Principal = $50

Rate= 10%

Time = 1 year

The simple interest formula is given as

A= P(1+rt)

substitute

A= 50(1+0.1*1)

A= 50(1.1)

A= $55

Hence the balance in her account will be $55